Saudi Aramco and the Saudi Information Technology Company signed a Memorandum of Understanding (MoU) for the creation of an Information and Communication Technology Investment Company; a joint venture (JV) to invest in commercial enterprises in the information, communication and technology sector.

The focus of the new JV will be on opportunities with significant potential for local value creation, with the target market being Saudi Arabia and the GCC countries. The joint venture will also develop a platform for investing in high potential growth companies in the information, communication and technology sector with strategic importance to Saudi Arabia.

“The joint venture with Saudi Information Technology Company will provide training and employment to Saudi nationals, as well as support the growth of small and medium-sized enterprises active in the ICT sector in Saudi Arabia and the GCC market” said Saudi Aramco VP for Information Technology, Yousef Al-Ulyan.

“We are exploring promising opportunities with this joint venture that will drive the transformative leap of the digital resilience and technological advancement of the Kingdom and the region,” said Dr. Saad Alaboodi, Chief Executive Officer of Saudi Information Technology Company. He added, “This does not only afford Saudi Information Technology Company a position to pioneer the transformation for realizing Vision 2030 and lead the investment in national human capital and future technologies, but also speaks to the unique culture of service that the company provides to its clients and its mission to empower national capabilities with training and employment.”